NewQuest Properties is nearing completion on a speculative retail project, the Shops at Rock Creek, in a strong sign of support for a rapidly expanding suburban pocket in northwest Houston.
The 21,350-sf Shops at Rock Creek, which is 32% pre-leased, will deliver at month's end along Grant Road in Cypress. The newest tenants to join the lineup are Wingstop Inc. and Domino's Pizza Inc., each one pre-leasing 1,400 sf for side-by-side storefronts.
"Throughout the pandemic, Wingstop and Domino's have been doing quite well," says Andrew Alvis, a senior associate with Houston-based NewQuest Properties who leases the project.
Wingstop, Domino's and service- and medical-based co-tenants anticipate opening in early summer. Meanwhile, construction has just started for Mudslingers Drive-Thru Coffee, which has ground-leased one of the two pad sites in the NewQuest development.
Wingstop will be a franchised location; Domino Pizza is a corporate-owned site. Jason Gaines of NAI Partners was the tenant rep for the franchisee. Robert Hantgan of EPI Realty represented the pizza chain.
The Shops at Rock Creek, situated on 4.5 acres, is shadow-anchored by a 90,000-sf H-E-B grocery store at the intersection of Spring Cypress and Grant roads. The projects have built-in synergies through a cross-access parking lot agreement, which visually creates the appearance of one large retail development.
"This is the last parcel at that intersection that could be developed," Alvis says. "NewQuest's partners felt comfortable developing spec because of our past successes in being adjacent to an H-E-B."
The H-E-B is the only grocery store in the immediate area, drawing customers from a five-mile
radius. Population is hovering 202,000, up 31% since 2010. Within a one-mile trade area, the average annual household income is $144,000. Spring Cypress and Grant roads have been expanded to four lanes each to accommodate the fast-paced residential growth.
"The Shops at Rock Creek is a neighborhood center so we're focused on services-based users and pandemic-resilient brands like Wingstop and Domino's Pizza," Alvis says.
SOUTH TEXAS LEASES
Wingstop Inc. and Domino's Pizza Inc. have each leased 1,400 sf of retail space in the Shops at Rock Creek, located near the intersection of Spring Cypress and Grant roads, Cypress, from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the landlord. Jason Gaines of NAI Partners represented a Wingstop franchisee. Robert Hantgan of Colliers International represented Domino's Pizza.
Wm. S. Cannon & Associates LLC has leased 948 sf of retail space in Windcliff Town Center, located at the intersection of Jones and Cypress North Houston roads, Houston, from NewQuest Properties. Brett Strake and Kevin Sims of NewQuest Properties represented the landlord. Tracy Eddy of Texas C.R.E.S. LLC represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
